New Jersey businesses are worried about an increase in the minimum wage, the prospects for legal recreational marijuana, and, of course, taxes, but they don't see a slowdown ahead for sales or profits, a survey released Thursday said.

"Our companies continue to feel that they are in expansion mode," said Michele Siekerka, president and chief executive officer of the association.

The association is the state's biggest business lobby. Its business outlook survey, now in its 60th year, is an annual pulse of its members.

The results were released as the stock market was hitting the skids. But the outlook from New Jersey businesses seemed to be more in line with analysts who see the economic expansion continuing, setting a record for longevity next summer.

See the video above for the fastest growing sectors in New Jersey.

"I feel we still have pretty strong tailwinds to growth into next year," John C. Williams, president and chief executive officer of the Federal Reserve Bank of New York, said during a press briefing earlier this week.

Assembly Speaker Craig Coughlin and Senate President Stephen Sweeney applaud Gov. Phil Murphy at the conclusion of his March budget address in the Assembly chambers.(Photo11: Chris Pedota/NorthJersey.com)

New Jersey businesses under Gov. Phil Murphy have faced more requirements. Among them: They are required to provide workers with paid sick leave.

They might have gotten some breathing room on Wednesday when lawmakers introduced a bill that business groups said could soften the blow of a $15-an-hour minimum wage.

The proposal sponsored by Assembly Speaker Craig Coughlin, D-Middlesex, would gradually raise the state's minimum wage for most businesses from $8.60 an hour now to $15 an hour by 2024.

But it included carve-outs, too. For example, workers at companies with fewer than 10 employers and workers who are under 18 would reach $15-an-hour in 2029.

The bill drew opposition from labor groups. "We do the same work as adults and we should be paid the same," said Giovana Castaneda, youth leader for Make the Road New Jersey, an advocacy group.

Siekerka said the bill would give businesses a chance to plan for rising labor expenses, but it didn't go far enough in carving out exceptions.

"I would say that the Speaker's bill is a start to recognizing that a slow process to increasing the minimum wage is how we have to approach this," she said.

Highlights from the business outlook survey:

There are better solutions for moving workers out of poverty than raising the minimum wage to $15 an hour.(Photo11: Getty Images/iStockphoto)

1. Pass it along, or absorb the cost?

About two-thirds of businesses said the minimum wage increase would impact their business, but fewer said it would ripple through to workers or consumers.

Some 32 percent said they would raise prices; 26 percent said they would reduce staff; 24 percent said they would reduce hours; and 13 percent said they would automate.

Rendering of a proposed cultivation facility at Jersey Shore Therapeutic Health Care. Jersey Shore THC hopes to build a medical marijuana dispensary on Adamston Road in Brick, at the site of a former OceanFirst Bank. The project needs approval from the Brick zoning board and a license from the state Department of Health.(Photo11: Courtesy of Jersey Shore Therapeutic Health Care)

2. Weeding out the bad seeds

A bill that would legalize recreational marijuana is inching toward a vote in the state Legislature, but employers are offering only lukewarm support: 42 percent don't think it will be good for the state's economy; 33 percent think it will be good; and 25 percent aren't sure.

Their biggest concern? Fifty-six percent are worried about the impact it will have on safety in the workplace.

3. Remember health insurance?

Health insurance costs long has been the biggest concern in the survey for New Jersey businesses.

Not this year. Property taxes are the biggest concern, followed by the overall cost of doing business. Health insurance, ranked first last year, slipped to third.

4. Where to look for work

Some industries feel better about the next six months than others. Residential construction and transportation were the most optimistic with more than half of the respondents in those sectors expecting their industries to improve.

The most pessimistic is health care, where more respondents expect the industry to get worse.

5. Full steam ahead

New Jersey businesses are a confident group: 62 percent expect better sales in 2019, up from 58 percent last year; 59 percent expect more profits in 2019, up from 55 percent last year; And 39 percent expect more hiring next year, up from 31 percent a year ago.

"New Jersey businesses continue to show strength," Siekerka said. "They feel really good about what they can control. They are investing in their people, they are investing in their facilities, and we are seeing that that is creating strength in our companies. However, the impact of higher taxes and increased mandates are concerning them at a higher rate."